Will the depression of the people become an economic depression? Following the death of Queen Elizabeth II, Britain enters almost two weeks of mourning. The protocol “Unicorn“(Unicorn in French) plans a funeral 9 to 10 days after the disappearance of the monarch, i.e. a priori on September 19. The national mourning should last until the ceremony.
In addition to these days of national mourning, days should be set aside to pay tribute to Queen Elizabeth II. “Each public holiday in a country has an impact on the economy, explains Agathe Demarais, director of global forecasting at the Economics Intelligence Unit. The variable that risks changing everything is the number of non-working days decided by the government. “, which has not yet communicated on this subject.
The last time public holidays were decreed by the government, it was already to pay homage to the queen. During Her Majesty’s Jubilee, from June 2 to 5, 2022, the British were able to benefit from two days without working to celebrate the 70 years of reign of their monarch. Across the country, more than 200,000 events have been organized.
Non-working days of mourning that can be expensive
According to a report by the UK Office for National Statistics (ONS), Britain’s gross domestic product (GDP) contracted 0.6% after the festivities. “The platinum jubilee and the displacement of the May public holiday have resulted in an additional working day in May 2022 and two working days less in June 2022”, justifies the institute.
After the Queen’s death, the economist expects economic effects similar to those seen after the Jubilee. “For the moment, the projections are good for 2022, with 3.2% growth over the year because the British economy is still in ‘post-covid’ mode, she observes. But for 2023, the recession should amount to 0.9%, the effects of the Queen’s death on the year will be quite marginal, around 0.1%.”
Less beer consumption in perspective
In the short term, the expert is particularly concerned about the service sector. “The feeling of emotion in the United Kingdom is strong, continues the researcher. The economy is idling. The British will no longer go to pubs, restaurants or cinemas in the next week.” After being the first to be affected by the Covid-19 crisis, companies in the tourism and entertainment sectors will once again be on the front line following the Queen’s death.
Source: Challenges en temps réel : accueil by www.challenges.fr.
*The article has been translated based on the content of Challenges en temps réel : accueil by www.challenges.fr. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!
*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.
*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!